CREP Russian Gas Import Accelerating
According to Russian sources, CREP delivered around 340 million cubic meters of piped gas in November, 2020, but this data is not showed in CGAC’s published data as CREP was in preparation of mid-section initiation, pre-winter maintenance and winter import rescheduling. From November, CNPC continued to increase Russian gas purchase due to the low price and relatively sufficient supply to fill the short-term shortage in the domestic piped gas network, while CREP entered full-load mode and started to supply natural gas to Beijing and North China from December 3 with over 10 mcm/d. Gazprom projected the delivery of 2021 and 2022 will reach 10 bcm and 15 bcm, and it will reach 38 bcm by 2025 and is highly probable and capable to further expand to 44 bcm in the latter 2020s.
CREP was set to supply 8 bcm of natural gas in its first year, but Gazprom and CNPC adjusted the schedule to 5 bcm in 2020. However, the underdeveloped natural gas consumption in Northeast China was not capable to digest all the delivery of Russian gas, and the 2020 import schedule was accordingly behind the schedule. With the connection to Beijing-Tianjin-Hebei region in the 2020 winter, the potential of CREP will be more utilized, and it is estimated that the piped natural gas import from Russia will embrace a significant jump from November and become a key role of North China’s winter supply on its massive availability and lower costs.
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